GameStop Stock Drops After Earnings Fall Short of Expectations

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Revenue of $1.79 billion fell from $2.23 billion a year earlier, missing the $2.05 billion consensus view.

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Hardware and accessories sales were $1.09 billion, a 12% YoY decline, while software sales slumped 31% to $465 million.

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The company also slashed jobs due to increasing online competition and softening consumer spending.

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The company has ceased operations in Ireland, Switzerland, and Austria to achieve sustained profitability.

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GameStop shares are down 18.2% at $12.68 in premarket trading, having lost about a third of its value over the past 12 months.

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GameStop Stock Drops After Earnings Fall Short of Expectations

GameStop Stock Drops After Earnings Fall Short of Expectations

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GameStop Corp. (GME) reported adjusted earnings of 22 cents per share in the three-month period ending Feb. 3, falling short of Wall Street's expectations.

Revenue of $1.79 billion fell from $2.23 billion a year earlier, missing the $2.05 billion consensus view.

Hardware and accessories sales were $1.09 billion, a 12% YoY decline, while software sales slumped 31% to $465 million.

The company also slashed jobs due to increasing online competition and softening consumer spending.

The company has ceased operations in Ireland, Switzerland, and Austria to achieve sustained profitability.

GameStop shares are down 18.2% at $12.68 in premarket trading, having lost about a third of its value over the past 12 months.

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